27-05-2025
MBSB reports 1Q net profit up 8.1% to RM85mil
KUALA LUMPUR: MBSB Bhd has posted a higher net profit of RM84.67mil in the first quarter ended March 31 (1Q25), an 8.1% increase against 1Q24's RM78.34mil, supported by higher net funded income and lower impairment provisions.
Revenue was 2.8% lower at RM868.02mil from RM893.45mil previously, the group said in a Bursa Malaysia filing yesterday.
'The lower revenue is mainly due to lower profit income for loans, financing and advances. The impairment allowance for the quarter was RM28.1mil, contributed by additional provisioning for retail portfolios,' the financial services company said.
In a separate statement, MBSB said total gross financing remained consistent at RM42.6bil because the group had maintained a disciplined financing posture in line with prevailing market dynamics.
Meanwhile, its current and savings account ratio improved to 9.26%, with a RM700mil increase in balances over the year, particularly from commercial and corporate clients.
Group chief executive officer Rafe Haneef said its integration with MIDF has opened up new capabilities and created opportunities to reach a broader customer base.
He said MBSB's priorities for the remainder of this year include enhancing small and medium enterprise propositions, expanding digital touchpoints, and improving customer experience.
'With transformation initiatives underway, the group remains focused on long-term sustainability and building a more agile, customer-focused organisation,' he added. — Bernama
